FOR IMMEDIATE RELEASE
ICBA Statement on New Federal Financial Interventions
Washington, D.C. (Oct. 14, 2008)—Cynthia Blankenship, chairman of the Independent Community Bankers of America (ICBA), and vice chairman and chief operating officer of Bank of the West, Grapevine, Texas, and Camden R. Fine, president and CEO of ICBA, issued the following statement on coordinated federal efforts to restore confidence in the nation's financial system:
“ICBA greatly regrets these actions have to be taken, but these are extraordinary times and we understand that these are necessary steps given the stress in our financial system and world financial markets. ICBA supports efforts to restore public confidence in our financial system.
“The vast majority of community banks remain well-capitalized and have shown resiliency during the current economic downturn due to their safe, common-sense business practices. Nonetheless, ICBA is pleased community banks who choose to participate in this voluntary program will be able to do so. Throughout this crisis, our goal has been to ensure parity for community banks so they are not hampered in their ability to continue serving local communities and Main Street consumers and businesses.”